LONDON, June 15 (Reuters) - Russian stocks led losses on emerging markets on Thursday, hitting 15-month lows and heading for a third day of losses as risks grew of expanded U.S. sanctions and oil prices tumbled amid worries over U.S. and world economic growth.

These fears were underscored by weak U.S. retail and inflation data, despite the U.S. Federal Reserve's decision to raise interest rates for the second time in three months and start unwinding its bond purchases.

The emerging market losses were led by Russia where stocks tumbled almost 2 percent, after U.S. lawmakers voted in favour of new sanctions punishing Russia for meddling in 2016 U.S. elections and making it harder to ease existing curbs.

"Russian stocks are responding to the bill passed by the U.S. Senate last night which would tighten the sanctions regime if signed into law," William Jackson at Capital Economics said, noting also the relatively strong rouble which was weighing on exporters' shares.

"Early signs are that (the bill) won't have a very big macroeconomic impact, but ... as far as there were any hopes that sanctions might be eased or lifted gradually under the Trump administration, that is not going to happen."

The rouble hovered near one-month highs while Russian sovereign dollar bond yield premiums to U.S. Treasuries were flat at two-month highs.

Most other emerging assets retreated, with Hong Kong shares at a three-week low after local authorities followed the Fed in raising rates. Mainland Chinese shares also weakened .

Gulf central banks also hiked rates following the Fed move, pushing down most local bourses, though sanctions-hit Qatar is yet to do so. Qatari stocks were up slightly but on track for a fifth week of losses.

The Turkish lira pulled off six-month highs before a central bank meeting that should make no changes to the late liquidity lending rate used by the bank.

The lira has been gaining steadily against a weak dollar, therefore "defence of the currency is no longer a driving force," Commerzbank analysts wrote. They noted that while inflation remained close to 12 percent, "this argument is not sufficient to trigger a rate hike today".

In central Europe the Romanian leu tumbled to new 4-1/2-year lows to the euro after the ruling Social Democrats withdrew support for the government led by prime minister Sorin Grindeanu.